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An unexpected suggestion to fix Providence’s pension woes

FEBRUARY 27, 2019 | by Justin Katz | THE OCEAN STATE CURRENT (RHODE ISLAND)

One suspects the “tax the rich” approach is offered, here, mainly for educational purposes.  Riley’s drastic proposal is made in response to an F for Providence’s finances from Truth in Accounting.  Referenced Facebook post includes “Those wealthy people are dying soon so I would start imposing the wealth tax ASAP... In addition the City should impose a real Estate Transfer tax of 50% on any Property over $3 million dollars that changes hands in the next 3 years or until the Pension Shortfall is < $500 million. These taxes, both the Wealth tax and the transfer tax, would be deposited directly into Providence Police and Fire pension plans.

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